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Punjab & Sind Bank Financial Results for the Quarter ended 30 June 2024

Hyderabad/New Delhi, 29 July 2024: Punjab & Sind Bank today announced their financial results for the quarter ended 30 June 2024.

The Bank’s performance on a year-on-year basis showed that the total business registered a growth of 7.10% and stood at Rs. 2,08,331 Cr. Total Deposit grew by 5.59%, and Retail Term Deposits showed a good growth of 10.15%. Total advances grew by 9.24%, whereas RAM advances registered a healthy growth of 15.69%. Retail advances grew by 22.99% and MSME advances grew by 13.63%. RAM Advances (%) to Gross Advances improved by 292 bps from 49.57% to 52.49%. Operating Profit up by 23.35% and Net Profit up by 18.95%. Gross NPA ratio improved by 208 bps and Net NPA ratio improved by 36 bps. CD Ratio of the Bank improved by 244 bps from 70.32% to 72.76%.

The Bank’s performance on a quarter-on-quarter basis showed the Net Profit up by 30.94%. Net Interest Income grew by 23.37%. Yield on Investment (%) improved by 23 bps. Net Interest Margin (%) of the Bank improved by 37 bps. Return on Avg. Assets (%) improved by 12 bps. CRAR (%) improved by 14 bps from 17.16% to 17.30%.

The major developments for the Bank in Q1 FY 2024-25 included signing of MoU with the Indian Army offering a best-in-class salary package for serving personnel and pensioners, tie-up with Maruti Suzuki India Ltd. for extending Car loans through their digital platform and collaboration with M/s FISDOM for Stocks & Mutual Fund Investments for wealth building of customers. The Bank also opened a Model Branch at Safdarjung Enclave, New Delhi to attract the new Gen Customers as well as launched a mobile ATM.

Q1 FY2024-25 Key Highlights (Y-o-Y)

Parameters Q1 FY 23-24 Q1 FY 24-25 Growth (%)
Total Business (in Cr) 194525 208331 7.10
Total Deposit (in Cr) 114211 120593 5.59
CASA Deposits (in Cr) 36194 38134 5.36
Retail Term Deposits (In Cr) 46616 51346 10.15
Total Advances (in Cr) 80314 87738 9.24
RAM Advances (in Cr) 39809 46056 15.69
Retail Advances (in Cr) 14227 17498 22.99
Agriculture Advances (in Cr) 11200 12217 9.08
MSME Advances (in Cr) 14382 16341 13.63
RAM Advances (%) to Gross Advances 49.57 52.49 292 bps
Interest Income (In Cr) 2316 2652 14.51
Non-Interest Income (in Cr) 178 194 8.99
Yield on Advances (YoA) (%) 8.45 8.70 25 bps
Yield on Investment (%) 6.75 7.05 30 bps
Operating Profit (in Cr) 257 317 23.35
Net Profit (in Cr) 153 182 18.95
GNPA % 6.80 4.72 (208) bps
NNPA% 1.95 1.59 (36) bps
CD Ratio 70.32 72.76 244 bps
CET- 1 (%) 14.46 14.80 34 bps
CRAR (%) 17.19 17.30 11 bps

UP, Haryana and Punjab Account for 56 percent of New Hiring in Omaxe in 2021

New Delhi, India

 

New hiring by Omaxe in Uttar Pradesh, Punjab and Haryana made up for more than 56% of the total hiring in 2021; a significant rise in the past two years.

 

An actual view of India Trade Tower, Omaxe New Chandigarh

 

Tier 2/3 cities are doing pretty well and that’s where the actual demand is. That’s where the ambition and aspiration are,” Mr. Mohit Goel, MD, Omaxe Ltd. had said this at a real estate conclave just before the onset of the COVID-19 pandemic and the ensuing lockdown in March 2020.

 

Tier 2/3 cities continue to do well, especially after the pandemic when infrastructure development has taken center stage, businesses and corporates have shown keen interest and consuming class has become more expressive and indulgent, shows how important these cities have emerged in writing the next chapter of India’s growth story.

 

The Delhi-headquartered company Omaxe forayed into State Capitals and tier 2/3 cities in 2005 under the leadership of its founder Mr. Rohtas Goel, Chairman, Omaxe Ltd. So far, the company has sold and delivered several townships, group housing, malls, offices, etc. in various cities of Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, etc. And in doing so, the company has not just contributed to the development of these cities but also in the employment & empowerment of the people and spurring the local economies.

 

The states of Uttar Pradesh, Punjab, and Haryana – holding 20% of India’s population and 10% of the total area – accounted for 56% of the total hiring in Omaxe in 2021 against the approx. 49% in 2020 and 30% in 2019.

 

We have been successful in building a brand and thereby vindicating our foray into these cities. Trusting our approach of development in these cities has yielded the desired results. The local human resources, possessing deep insights and a fundamental understanding of the micro-markets, have been our greatest strength. We have doubled down on the hiring in these cities to strengthen our presence, ensure more construction & delivery and enhance our brand equity. Digitalization has become a great enabler to help us penetrate deeper into these cities,” said Mr. Jatin Goel, Director, Omaxe Ltd. 

 

The company is committed to the development and expansion of its real estate projects in cities like Lucknow, New Chandigarh, Ludhiana, and Faridabad among others. The development of Expressways & Highways, Airports, Metro Rail, Outer Ring Roads, Industrial Parks, Corporate Offices, Malls, and Residential Colonies, etc. have made connectivity convenient and living and working easy in these cities.

 

These cities are a goldmine not just in real estate and other businesses but also in the return on investment they offer, aspirations for a good lifestyle, and consumer income and spending. We intend to tap the young manpower and harness their potential through on-the-job training programmes and skill up-gradation so that they deliver the goods for the company,” Mr. Jatin Goel added.

 

Omaxe has also played a key role in spurring the local allied industries. The company has delivered close to 127 million sq. ft. since the brand was founded in 1987 and is currently undertaking the construction of 23 projects and employs close to 1200 people.

 

Punjab’s Best Kept Secret Thana-Dehrian-Kukanet Jungle Safari Inaugurated

Hoshiarpur, India

 

Punjab Forest Minister S. Sangat Singh Giljian inaugurated the Nature Awareness Project at Thana Village. It includes 3 Lake facing Eco Tents, boating and Jungle safari gypsies. This type of adventure based eco-tourism in the sub mountain ranges of district Hoshiarpur which borders Himachal Pradesh is one-of-its-kind. Punjab forest department has set up a camp namely Thana Nature retreat amid serene and secluded Thana and Dehrian forests overlooking Thana reservoir lake. “This forest has a pristine beauty and the Thana Lakefront offers a picturesque view for nature lovers,” said Parveen Kumar IFS, PCCF (HOFF) Punjab. Forest minister S. Sangat Singh Giljian dedicated this project namely Thana Nature Retreat and Jungle Safari to the people of Punjab.

Punjab Forest Minister S. Sangat Singh Giljian inaugurating the Nature Awareness Project at Thana Village

 

Urging people to visit this scenic nature retreat, Punjab Forest Minister S. Sangat Singh Giljian said, “I take this opportunity to congratulate everyone involved in making this nature awareness project a grand success. This place is truly a best kept secret which has the potential to become one of the most visited tourist spots of Punjab. Besides promoting eco-tourism, it will help in creating employment opportunities for the local people of Kandi area. Spending time in such a landscape which has an abundance of flora and fauna is innately rewarding as it has a soothing effect on our mind.”

 

The camp offers 3 all-weather tents with dining and restaurant facility to the visitors. The camp also offers a boat ride in the lake area of Thana dam. A dedicated jungle safari with off-road gypsies that started today connects Thana to Dehrian to Kukanet. It is pertinent to mention here that 7 km track from Thana to Dehrian offers the best ride through sand dunes and further 5 km from Dehrian to Kukanet through a steady stream of water which keeps flowing throughout the year. This stream has natural bamboo canopy on its sides. On the track it is common to spot caves of wild animals.

 

The nature trail near Dehrian also provides one of the best serene landscapes from the watchtower. “These facilities will boost the eco-tourism potential of this area and further enhance the economy of that area through employment opportunities,” said Dr. Sanjeev Tiwari IFS, Conservator of Forest Hoshiarpur“Depending upon the demand of the visitors these facilities can further be enhanced and other wildlife rich areas like Takhni wildlife sanctuary can be made a corridor for the visitors,” said Amneet Singh IFS, DFO Hoshiarpur.